ZKenergy Wins Lawsuit Against Wuxi Suntech in First Trial

CHANGSHA, China, July 31, 2015 /PRNewswire/ -- ZKenergy Science & Technology Co., Ltd. ("ZKenergy") announced today that the company has won the lawsuit against Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech") over contract disputes and received the Notice of Judgment on July 23, 2015, in reference to Case (2014) Sushang First Trial-00022.

ZKenergy filed a lawsuit against Wuxi Suntech on September 1, 2014, alleging that the latter failed to perform its obligations under the terms of Solar Module Sales Contract (No.C-M-201312127) and the supplementary agreement, and requiring Wuxi Suntech to restitute the payment totaling 206 million RMB and to be liable for breach of the agreements. ZKenergy received the notice that the court had agreed to hear the case on September 3, 2014. Wuxi Suntech filed a counterclaim to ZKenergy's claim on December 25, 2014, requiring ZKenergy to pay its loss of 246.6 million RMB.

The Jiangsu Province Higher People's Court entered the first-trial judgment as follows: "1. Wuxi Suntech is to restitute the payment totaling 206 million RMB within 10 days of the judgment going into effect, as well as pay interest and penalties due to the breach of the agreement (from March 31, 2014 to December 31, 2014, with the interest calculated on the basis of the benchmark lending rate set by The People's Bank of China for the same period and the principal of 206 million RMB; from January 1, 2015 to the actual date of payment, with interest and penalties calculated on the basis of four times the benchmark lending rate set by The People's Bank of China for the same period and the principal of 206 million RMB. However, interest and penalties calculated based on this criterion shall not exceed 30.9 million RMB; and, in the event interest and penalties exceed 30.9 million RMB, from the date when they start to exceed this amount to the actual date of payment, interest and penalties are to be calculated based on the benchmark lending rate set by The People's Bank of China for the same period and the principal of 206 million RMB. 2. Reject ZKenergy's other claims. 3. Reject Wuxi Suntech's counterclaims."

Shunfeng International Clean Energy Limited (HK01165, formerly and until November 2014 "Shunfeng Photovoltaic International") acquired a controlling stake in Wuxi Suntech in 2014 from Suntech Power Holdings (NYSE: STP, "Suntech Power"). Shunfeng International Clean Energy, listed in Hong Kong on July 13, 2011, is a manufacturer of solar wafers, cells and modules. Link to the case judgment: http://www.zkenergy.com/news/zknews/653.html

About ZKenergy

ZKenergy Science & Technology Co., Ltd is a high-tech company that specializes in the development, manufacturing and application of products in the clean energy field and supplies turnkey solutions and core parts for small-and medium-sized wind and solar integrated application systems.